|It's A Wrap!|
CMG predicted MoviePass's demise way back in 2018 and in posts that followed re-enforced our premise that the company had no future (see 8/1/18 'MoviePass: Near Death', 2/29/19 'The Predictable Death of MoviePass', and 9/17/19 'MoviePass: The Resurrection').
Once valued in the tens of millions, the bankruptcy filings valued the company at $1 million - lock, stock and barrel.
It is unclear to me as to who would want to buy the MoviePass carcass. According to the court filings, the assets include all of the proprietary software and code used by MoviePass for the operation of its mobile app, its website, five domain names, trademarks, and three patents. What is not included is the personal information of its members, such as email addresses, which one could argue is the most valuable asset the company retains.
To bid on MoviePass your submission must be received by Cassel Salpeter & Co., the bankruptcy court's trustee, by 5pm ET on June 18th. The auction is scheduled to take place telephonically on June 25th.